AVAX Technologies Completes $25 Million Institutional Private Placement Monday March 13, 9:27 am Eastern Time
Company Press Release
SOURCE: AVAX Technologies, Inc.
KANSAS CITY, Mo., March 13 /PRNewswire/ -- AVAX TECHNOLOGIES, INC. (``AVAX') (Nasdaq: AVXT - news) today announced that it has completed a private placement of common stock and warrants with institutional investors for a total consideration of $25.1 million. New York-based investment bank Gruntal & Co., L.L.C. acted as placement agent.
The private placement consisted of 2,259,494 million newly issued shares of common stock priced at $11.125 per share and warrants to purchase an additional 225,951 shares of common stock. The warrants can be exercised at a price of $12.79 per common share, or 115% of the offering price. The warrants will expire on March 10, 2005. Net proceeds from the offering are approximately $24.2 million and will be used to fund clinical trials of AVAX's lead product candidates, M-Vax(TM) for the treatment of Stage III melanoma and O-Vax(TM) for the treatment of late-stage ovarian cancer and for general working capital purposes.
Jeffrey M. Jonas, President and Chief Executive Officer of AVAX Technologies, stated, ``This financing is an important component of our corporate agenda, helping us to continue the clinical process in the U.S. and to prepare for the commercialization of M-Vax in international markets. With this additional funding, we plan to advance our development programs here in the U.S, which include a pivotal registration trial for M-Vax and a multi-center Phase 2 trial of O-Vax, as well as other trials we hope to initiate later this year. We have set aggressive milestones for 2000 and will utilize this additional capital to continue investigating and validating the promise of our autologous cancer vaccine technology.'
AVAX Technologies, Inc. specializes in the development and commercialization of novel biotechnologies, immunotherapies and pharmaceuticals for cancer and other life-threatening diseases using three core technologies: autologous cell (AC) vaccines, topoisomerase inhibitors and anti-estrogens. |
